Net cash provided by operating activities for the first nine months of 2012 was $31.7 million compared to $48.7 million in the first nine months of 2011. This decrease in net cash provided by operating activities is primarily due to the increase in U.S. Wholesale sales in the third quarter of 2012 as compared to in the third quarter of 2011, which caused receivables to grow and cash receipts to be delayed in 2012 compared to 2011.Store Openings During the third quarter of 2012, True Religion Apparel opened three stores in the U.S., two stores in Canada, two stores in Germany, and one store in Austria. As of September 30, 2012, the Company operated 119 stores in the U.S. and 28 international stores. (For additional details on stores opened during the quarter, please refer to the Third Quarter 2012 Management Commentary posted on the Company's website, www.truereligionbrandjeans.com, in the Investor Relations section.) Quarterly Dividend The Company’s Board of Directors approved a quarterly dividend to our stockholders of $0.20 per share. The quarterly dividend will be paid on November 29, 2012, to all stockholders of record as of November 15, 2012. Future dividends will be subject to Board approval. Guidance Based upon our current assessment of market conditions and the Company’s recent performance, we are updating the Company’s guidance for the fourth quarter and the full year ended December 31, 2012, as follows:
- Fourth quarter 2012 net sales are expected to be in the range of $128 million to $133 million.
- Fourth quarter 2012 diluted earnings per share is expected to be in the range of $0.52 to $0.58, with an effective income tax rate of 37.5% and fully diluted weighted average shares outstanding of 25.6 million.
- Full year 2012 net sales are expected to be in the range of $458 million to $463 million.
- Full year diluted earnings per share is expected to be in the range of $1.80 to $1.86, with an effective income tax rate of 37.5% and fully diluted weighted average shares outstanding of 25.3 million.